The Real Deal New York

The biggest price cuts on luxury pads last week

Co-op at the Carlyle received the biggest reduction

November 16, 2016 09:53AM
By Miriam Hall

The Carlyle, Time Warner Center and at townhouse at 48 West 85th Street

The Carlyle at 35 East 76th Street, Time Warner Center at 25 Columbus Cirlce and 48 West 85th Street

It’s been a quiet week when it comes to discounts on Manhattan’s most expensive properties.

Just three pads in the over $10 million market were discounted by more than 5 percent in the period from Nov. 7 through Nov. 11, according to data provided by StreetEasy. In previous weeks, as many as 12 ultra-pricey places have been slashed, as sellers try to move inventory.

The biggest price chop was at a co-op unit at the Carlyle Hotel. The four-bedroom apartment, which features enviable views of Central Park and Manhattan, was reduced from $19.7 million to $17.9 million, a discount of 9 percent.

Here’s a look at the other biggest price cuts in New York City for the week:

35 East 76th Street, Apartment 2601-2610

35 East 76th Street, Apartment 2601-2610

35 East 76th Street, Apartment 2601 – 2610
Previous Price: $19.7 million
Current Price: $17.9 million
Percentage Drop: 9 percent

This Carlye Hotel co-op was first listed in April last year for $22.5 million. But it didn’t sell, and five months later it was removed from the market. The apartment was relisted in January for $19.7 million, but was taken down again in August. Last week, it reappeared on the market, this time with a slightly more subdued asking price of $17.9 million.

Featuring four bedrooms and four full bathrooms, the apartment has “unimpeded” views of Central Park and Manhattan, according to the listing. Building services and amenities at the Carlyle include a twice daily maid service and access to the Cafe Carlyle (where Woody Allen plays clarinet most Monday nights.) Built in 1930, the yellow brick and limestone building also features a gym, florist, beauty center and laundry. Bonnie Grey and Noel Blair currently own the property, according to records.

Deborah Grubman and Paul Albano of the Corcoran Group have the listing. Grubman declined to comment.

25 Columbus Circle, Apartment 63A

25 Columbus Circle, Apartment 63A

25 Columbus Circle, Apartment 63A
Previous Price: $14.8 million
Current Price: $13.9 million ($5,245 per square foot)
Percentage Drop: 7 percent

This apartment at Related CompaniesTime Warner Center has a colorful history that will bring a smile to brokers’ faces. In 2007, the owner of the unit, French businessman Guy Benhamou famously listed the unit himself after arguing with his veteran broker over the price. Frustrated with her client, Patricia Warburg Cliff of the Corcoran Group told him to list the place himself.

“I think that you are an expert and should be in the business of selling your own apartments,” she wrote to Benhamou, the New York Times reported in 2007. “Good luck with your newfound career in real estate brokerage.”

According to the Gray Lady, Benhamou first listed the unit at $12.9 million but then raised it to $15 million when a broker with a similar listing put a unit on the market for a much higher price. Cliff had suggested a $7.5 million price tag. He reportedly passed up an offer for $10.8 million. In 2008, the unit hit the market again, with a broker from Brown Harris Stevens claiming the listing.

Over the last eight years, the price has been as high as $21 million and as low as $9.4 million, according to StreetEasy.

At the start of the year it was listed for $17.7 million and was then discounted twice, but to no avail. Last week it was reduced again from $14.8 million to $13.9 million, a discount of seven percent.

A trust controlled by the Benhamou family still owns the unit, according to property records.

Located in the south tower, the 2,650-square-foot unit has three bedrooms and three full bathrooms. It features an eat-in kitchen with Miele appliances and a Sub-Zero wine fridge, marble bathrooms and more than 80 feet of floor-to-ceiling glass windows along the northeast and northwest corners of the apartment.

The Time Warner Center has a fitness center, massage room, landscaped roof deck and direct access to the Mandarin Oriental’s spa. The building was the subject of significant media attention last year after the New York Times published details of its investigation into mysterious, foreign buyers at the complex who hide their identities behind LLCs.

Eva Penson and Gabriele Tonini of Douglas Elliman have the listing. Penson told The Real Deal that New York City has become a buyers market, and people are adjusting. “People are very cautious now about making large purchases, because of the uncertainty in the global market in general,” she said. She added deals have been delayed in recent months because buyers have been waiting for the election result.

48 West 85th Street

48 West 85th Street

48 West 85th Street
Previous Price: $13 million
Current Price: $12.2 million ($1,584 per square foot)
Percentage Drop: 6 percent

Built in 1886 for the Lehman banking family, this townhouse has 16 rooms across 7,700 square feet. Featuring six bedrooms and six bathrooms, it has a south-facing garden and two terraces. The house has been fully renovated with central air and is currently furnished with art and furniture that is “of the period,” according to the listing.

The property, which records show is owned by Robert Noble and Dianne Thelen, was first listed in September for $13 million, but was reduced by 9 percent last week.

George Vanderploeg, Steffen Kral and Charles Vanderploeg of Douglas Elliman have the listing. “We tested market briefly at the $13 million mark. We thought it was a little high but we wanted to make sure,” George Vanderploeg told The Real Deal. “It’s like fishing, you change the bait once in awhile. It bugs me when brokers and owners don’t test the market, and they end up underselling the property.”

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